Is AI the answer for the great wealth transfer?

Why firms must get relevant and accessible or risk losing hard-earned client wealth.

An intergenerational approach in financial services is important. Recent HSBC research shows, however, that only a third of service providers have met with their client’s children and discussed financial plans with them. 

With the great wealth transfer happening over the next two decades, it’s now or never for accountants to position themselves as relevant and accessible to the next generation if they don’t want to watch that wealth be moved elsewhere.

Leaving a legacy

Accountants spend their careers supporting their clients to build wealth, many of whom are part of Australian households aged 55+ who currently own a combined $2.8 trillion

80% of these high-net-worth Australians say they intend to leave a legacy, yet only one in five have a plan to do so. This is a moment in time we’re unlikely to see again, but few are prepared.

A recent report from the Financial Planning Standards Board said that Millennials are open to financial planning, with two-thirds of those who do not have a financial planner considering paying for advice

Millennials are also expected to receive much of the great wealth transfer, and our research shows they are more likely to use a financial service offered by their trusted accountant.

Historically, though, offering financial advice, whether in-house or with an external service provider, hasn’t proved viable for many accounting firms.

AI & Digital Tech = a simple, low-cost and convenient solution

That’s where AI and digital tech comes in. Leveraging cutting-edge algorithms and calculation engines, moneyGPS is a SaaS, white-labelled platform that makes financial advice affordable and accessible. 

It enables accountants to support clients to take the lead and make better financial decisions through digitally delivered compliant single-topic advice provided under the moneyGPS AFSL. 

As CEO and co-founder George Haramis says, “Previously, clients of accounting firms could only access financial advice where they could afford a statement of advice from a financial adviser. Now the whole profession can utilise technology to deliver services to their clients, which they couldn’t do before,” 

It’s a set-and-forget solution for accountants that helps them nurture their clients and their clients’ children across financial milestones such as buying a home, needing life insurance or receiving an inheritance. 

The great wealth transfer is happening. The question is, will accounting firms be ready to leverage the opportunities it offers? 

Have questionS?

Curious to see how this tech works as an adviser’s best friend and co-pilot?

Join our upcoming 30-minute webinar to see a short demonstration, plus a dedicated Q&A to answer your queries.

Reserve your spot now.

  1. Mccrindle
  2. Professional Planner
  3. Professional Planner
  4. Fiduciary Financial Group Pty Ltd, Project Cellular

Share this article



accountantsGPS and moneyGPS SaaS products provide affordable, compliant digital advice and SMSF services, to Australians through; Institutions, Accountants, Financial Advisers, Superfunds and Employers.

Recent Posts

Follow us

Interesting article? Sign up for our newsletter.

Fiduciary is an Australian Fintech and owner of accountantsGPS and moneyGPS—SaaS products that provide affordable, compliant digital advice and SMSF services, to Australians through; Institutions, Accountants, Financial Advisers, Superfunds and Employers.

Designed by finance industry stalwarts George Haramis and Drew Fenton and created by a team of tech heads, it combines all the brilliant parts of the financial services world in a simplified, user-friendly way.

accountantsGPS integrates with BGL’s API extracting data from BGL’s Simple Fund 360 SMSF administration software to produce a digital SMSF Check-Up report. 



Reg Office – Level 6, 607 Bourke Street, Melbourne, VIC, 3000, Australia